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Central Bank loses over Rs. 1.5 b by investing in junk Greek bonds
Saturday, 7 July 2012 - 12:43 PM SL Time
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The Central Bank has yesterday admitted that the country had lost around Euro 8.4 million (over Rs. 1.5 billion) by investing in Greek bonds.
This revelation was made to Committee of Public Enterprises (COPE) during a hearing yesterday in Parliament.
Central Bank Governor Nivard Cabraal who attended the meeting had admitted that the loss was following the monetary authority in 2011 investing in Bonds of Greece, the financially bankrupt Euopean nation which had to be bailed out recently.
In response to queries how much of funds had been invested in Greek Bonds, answers had been vague.
The Central Bank was summoned by COPE following a request made by UNP MP Ravi Karunanayake. to COPE Chief MP Dew Gunasekara.
The disclosure yesterday follows the main Opposition UNP questioning in Parliament several months back about the investments of Central Bank though originally the House was told that specific investments cannot be divulged.
Following the admission, the UNP expressed serious concern over the manner in which the monetary authority was managing the country s reserves though among responses were some you win, some you lose akin to managing by luck or a play of roulette, UNP MPs alleged.
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AnuD
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 7 Jul 2012 06:54:41 GMT Report for Abuse
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| I can not remember, a few weeks ago, whether it is the LNP which posted a news article saying that SL - central bank 300% profits. |
AnuD
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7 Jul 2012 06:57:40 GMT Report for Abuse
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That is why Politicians appoint even their butlers, dogs, cook and everybody as a head of Govt something.
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Libertyforall
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 7 Jul 2012 06:58:33 GMT Report for Abuse
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| Hey 'Kabara' , as the govener of Central Bank , you must be ashamed of this 'Foolish Investment'. Do not put the 'Blame' on the president.It is your duty to direct off shore investments.Whole world know a 'Libraray Boy' has no vision of 'Foreign Investment'. |
AnuD
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7 Jul 2012 07:12:44 GMT Report for Abuse
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Central Bank loses over Rs. 1.5 b by investing in junk Greek bonds
If this is the people who handles the Sri Lanka, economy what kind of Arse-chariyaawa we are talking about ?
SL - central bank had 300% profits.
Remember ?
Edited By - AnuD - 7 Jul 2012 07:14:09 GMT |
seethrough
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 7 Jul 2012 07:28:23 GMT Report for Abuse
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The formar Iraqi Information minister, replaced by Nivad Cabraal...
Mate, there are several similar types at present with Percy Maama.
Even after half the ship had gone under water they are praising the master that the ship is cruising at maximum speed with the jolly passengers are drinking, eating and dancing lassana Baila......
The ship that has lost its rudder...Sri Lanka Under Percy! |
elephanthouse
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 7 Jul 2012 07:37:58 GMT Report for Abuse
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| In any other decent country a guy like Cabraal would have been fired a very long time ago. In fact, even the guy who appointed him would have been fired by now, but in Sri Lanka such incompetent people can continue to ruin the country without any problem. It simply makes me mad to see such a chaotic mismanagement! |
seethrough
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7 Jul 2012 07:44:41 GMT Report for Abuse
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It simply makes me mad to see such a chaotic mismanagement!
You have to accept that SL is unique.
It is run on different criteria. You get what you deserve. |
Thiwanka
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7 Jul 2012 07:46:24 GMT Report for Abuse
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| In a company where I worked in Sri Lanka whenever there was a shortage/loss detected in the inventory of goods a certain percentage of the total value had to be paid by all the Sr. Managers including the foreign General Manager. In contrary, whatever losses made by the government institutes the authorities simply write it off. |
AnuD
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7 Jul 2012 07:59:32 GMT Report for Abuse
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Sri Lanka is a mess.
What ever the way, voters lose.
Only thing Mahinda Rajapkse did was saying no to IC when they asked him to stop the war.
Probably, there also he did not any have any other choice. Because,there was 84% for the war.So, if he stopped, that would be another disaster.
Other than that, he is just talking and can not make proper decisions. All around him screws him up. He does not know what to do.
But, don't depend on Ranil,Ravi Karunanayake or Sajith. Thry will not be different.
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